Surprise old-crop carryover decrease boosts corn futures
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On Friday, corn futures rose as USDA data showed a decrease in old-crop carryover, prompting short-covering. Wheat futures declined after the USDA raised US wheat carryover and global ending stocks above expectations. Soybean futures were mixed with a lower 2024-25 carryout but higher production forecast. September corn closed at $4.02/bu, Chicago wheat at $5.50¾/bu, Kansas City wheat at $5.67¾/bu, and Minneapolis wheat at $5.97½/bu. August soybeans closed at $11.05/bu. US equity indexes advanced, with the DJIA closing above 40,000 points, while US crude oil and gold prices dipped.
- Corn futures advanced Friday after the USDA projected old-crop carryover to fall below 2 billion bus as feed and residual use increased, which sparked a flurry of short-covering. Wheat futures declined after the USDA raised its forecast for US wheat carryover to 856 million bus and raised world wheat ending stocks to 257.24 million tonnes, both above pre-report analysts’ estimates. Soybean futures were mostly lower after the USDA forecast 2024-25 soybean carryout at 435 million bus, lower than the expected 449 million bus, but forecast soy production at 4.435 billion bus, above analysts’ estimate of 4.424 billion bus. September corn added 1¾¢ to close at $4.02 a bu. Chicago September wheat fell 20½¢ to close at $5.50¾ per bu. Kansas City September wheat shed 16¢ to close at $5.67¾ a bu. Minneapolis September wheat dropped 21¼¢ to close at $5.97½ per bu. August soybeans declined 12¢ to close at $11.05 per bu. August soybean meal fell $3.60 and closed at $338.80 per ton; later months were mixed, mostly lower. August soybean oil dropped 0.47¢ and closed at 46.65¢ a lb.
- US equity indexes posted advances to close the week and notched weekly gains. The DJIA closed above 40,000 points for the second time after first doing so in May. The S&P 500 real estate sector posted a weekly gain but remained the only segment down for the year. The Dow Jones Industrial Average added 247.15 points, or 0.62%, to close at 40,000.9. The Standard & Poor’s 500 added 30.81 points, or 0.55%, to close at 5,615.35. The Nasdaq Composite added 115.04 points, or 0.63%, to close at 18,398.45.
- US crude oil futures eased Friday. The August West Texas Intermediate light, sweet crude future was down 41¢ to close at $82.21 per barrel.
- The US dollar index weakened again Friday.
- US gold prices declined Friday. The August contract shed $1.20 to close at $2,420.70 per oz.
Source Link : https://www.foodbusinessnews.net/articles/7-toasty-midwest-forecasts-push-corn-soybeans-higher
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